Maxi Berhad offered 1 million ordinary shares for issue to public on 1 January 2019 at an issue price of $1.50 per share. A total amount of $3,000,000 was received from the applicants on 30 November 2019. The oversubcription of $1,500,000 was returned to unssucessful applicants on 20 December 2019. On 31 March 2020, Maxi Berhad declared a 3 for 2 bonus issue.

Extract of Maxi Berhad's balance sheet prior to issuane of bonus shares is as follows:

	$
Ordinary Share Capital	1,500,000
Revaluation Reserve	1,500,000
Retained Profits	5,000,000
	8,000,000

Required:-

State the journal entries required to account for the above transactions and prepare extract of the balance sheet after bonus issue. (10 marks)